U.Today – the first and largest cryptocurrency by market cap, rose the most in almost two months, reaching $63,000 following a strong bullish push over the weekend. Bitcoin is set to mark its fourth consecutive day of gains after an extended rally from last Friday’s lows of $56,538.
Bitcoin hit an all-time high of about $74,000 in mid-March, boosted by demand for exchange-traded funds in the United States. The currency then retreated amid declining inflows and concerns over sales of confiscated tokens and the bankruptcy of the Mt. Gox exchange.
Bitcoin subsequently fell to lows of $53,499 on July 5, levels last seen in February, following a persistent sell-off. After days of consolidation, Bitcoin recovered and started to rise.
From a technical perspective, the recent surge in Bitcoin price has been aided by a major breakout, with BTC breaking above the key level at the 200-day simple moving average (SMA).
This technical breakout further boosted the bulls, driving the price higher. According to cryptocurrency analyst Ali Martinez, a decisive breakout beyond this level was necessary for Bitcoin’s sustained bullish momentum.
In a previous tweet, Ali predicted that a successful break above the $59,200 resistance level that coincided with the daily 200 SMA could propel BTC to $63,800.
At the time of writing, BTC was up 4.12% over the past 24 hours to $62,745 after hitting intraday highs of $63,293.
The cryptocurrency market is recovering
Bitcoin's price surge is part of a broader rally in the cryptocurrency market. Other major cryptocurrencies have also seen substantial gains, contributing to the bullish sentiment.
According to data from CoinGlass, $125 million has been liquidated in the past 24 hours, with the bulk of that, $101.43 million, representing bearish bets from traders expecting cryptocurrency prices to fall.
Bitcoin accounted for almost half of this figure, with BTC short sellers losing $49.45 million in liquidations.
According to on-chain analytics firm IntoTheBlock, while Bitcoin has reclaimed the $62,000 support level, resistance remains strong above it; however, enough bullish momentum can prevent selling pressure.
This article was originally published on U.Today
